Sinochem seeks to continue cooperation with Norway's Statoil

Chinese state-owned energy conglomerate Sinochem is looking to pursue more investments in Brazil in conjunction with Norwegian firm Statoil, the Financial Times reported. Sinochem spent US$3.1 billion last year for a 40% stake in an offshore oil field owned by Statoil near Rio de Janeiro. However, doubts lingered as to whether the relationship would continue in the face of political tensions between China and Norway following the award of a Nobel Prize to Chinese dissident Liu Xiaobo last October. The Norwegian seafood industry has been particularly hard-hit by the political fallout. But remarks by Ji Fahua, Sinochem’s country head in Brazil, indicate that the firm is far more pragmatic. For their part, Statoil executives have said that they seek to keep relations as “business-like” as possible with Sinochem.